What are the essential features of promissory note as per negotiable instrument act 1981 india?
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The act of negotiable instrument is 1881 and not 1981.
The essential features of the 1881 act for the negotiable instrument are:
• Money
• Signature and writing
• Title
• Negotiability (which will depend on the transferee delivery
• Presumptions
• Notice
• Popularity
• Special procedure
• Evidence
In addition to this, the act is still not changed as is same from British colonial.
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